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Senate Proceeding on Jul 14th, 2010 :: 5:52:40 to 6:02:05
Total video length: 10 hours 1 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

5:52:37 to 5:52:59( Edit History Discussion )

Bob Corker: i read the papers, and they talk about the fact that this is an historical piece of legislation. we have no idea whether this bill is historical or not. we won't know for a long time, until the regulators decide what they're going to do with this bill, because basically the power is left to a series of huge amounts of bureaucrats which, by the way, we've created, which is going to be

Bob Corker

5:52:40 to 6:02:05( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

5:53:00 to 5:53:22( Edit History Discussion )

Bob Corker: like a malaise over our financial community because we didn't give a lot of clear direction. we left it to regulators who created bureaucracy. mr. president, one other note. i think the issue that in many ways divided us, and i know people on the other side of the aisle knew this well, refused to address it, although at one point we got very close and

Bob Corker

5:53:23 to 5:53:44( Edit History Discussion )

Bob Corker: almost had a deal. was this issue of the consumer protection agency? mr. president, i am all for consumer protection. i think the conce i had as an individual is we've created a new entity, it has no board. i mean, it's an amazing thing to me. it has no board.

Bob Corker

5:53:45 to 5:54:06( Edit History Discussion )

Bob Corker: because of the standard of which against the way this organization is judged as it relates to its rule making, which is expansive across the entire financial industry, becausof the standard against which you have to challenge, there's really no veto ability, this new organization has a budget anywhere from, i think,

Bob Corker

5:54:07 to 5:54:29( Edit History Discussion )

Bob Corker: $600 million to $1 billion a year. and the only way the presiding officer or i will know what direction this organization's going to take is who leads it. i mean, this is an incredible place for us to be, for us as a congress to be. i think it's an incredible place for the administration to be,

Bob Corker

5:54:30 to 5:54:51( Edit History Discussion )

Bob Corker: where we're creating an entity -- consumer financial protection organization -- that has incredible rule-writing abilities, that has no board, no real veto ability. and yet on its own, one person -- i'm not talking about a group of people, but one person is going to decide the nature of what this organization

Bob Corker

5:54:52 to 5:55:13( Edit History Discussion )

Bob Corker: is going to engage in. i just find that incredible, mr. president. you know, for all i know, the fears that i have about it, the fears that i have about this organization may not be borne out. may not be borne out. i also say to the presiding officer, i know -- i think that the presiding officer may very well support this concept.

Bob Corker

5:55:14 to 5:55:34( Edit History Discussion )

Bob Corker: he'll never know whether his hopes for this organization are borne out until we know who the person is and what their bent and flavor is. i just think that, again, as a body, we had a responsibility to put a balance in place so that we knew what the direction of this organization was going to be over time. i find that to be incredibly responsible.

Bob Corker

5:55:35 to 5:55:55( Edit History Discussion )

Bob Corker: and i know that as we look at this bill, i think one of the gauges a lot of times of, you know, what a bill does is we got the folks on wall street that rhetorically my friends on the other side of the aisle wanted to bash. candidly, all of america in many ways, upset with wall street.

Bob Corker

5:55:56 to 5:56:16( Edit History Discussion )

Bob Corker: wall street is loving this bill. they've got teams of compliance officers that have the ability to deal with regulations a consumer protection agency might put out or all these rule making -- typically when we regulate like this, it's the big guys that benefit, andhey just get bigger.

Bob Corker

5:56:17 to 5:56:37( Edit History Discussion )

Bob Corker: but the community banks, the smaller banks in my state and i think across this country, they are the ones that are concerned. we, i know, are all concerned about the employment activity in our country. all of us want to see the economy improve. at the end of the day, most americans -- most americans -- have to deal with niece smaller institutions.

Bob Corker

5:56:38 to 5:57:00( Edit History Discussion )

Bob Corker: most americans want to deal with these smaller institutions. they are people they go to church with, they go to rotary club, they see at the grocery club. these are the people that they have relationships with. and what we're doing in this legislation, mr. president, is we are doing two things. we are increasing the cost of

Bob Corker

5:57:01 to 5:57:21( Edit History Discussion )

Bob Corker: capital that is available to most americans. and we are limiting the amount of that increased cost -- that capital that's going to cost more wre we're decreasin the availability. so we're decreasing the availability of capital in communities across our country,

Bob Corker

5:57:22 to 5:57:42( Edit History Discussion )

Bob Corker: and we're increasing the cost of that. so, mr. president, i find that it's an amazing place that we are. we all care about employment, and yet we put in place policies that are counter to that employment. so, mr. president, again, i'm disappointed in the outcome of this bill.

Bob Corker

5:57:43 to 5:58:07( Edit History Discussion )

Bob Corker: i've appreciated working with many members on both sides of the aisle to come up with a balanced piece of legislation that will stand the test of time. a piece of legislation, by the way, that will actually deal with the core issues that created this financial crisis. this bill does not do that in every area. it does in some.

Bob Corker

5:58:08 to 5:58:29( Edit History Discussion )

Bob Corker: some of the derivatives, clearinghouses, i think that is a good contribution. we've got end userrers that are panic stricken, farmers and others who use derivatives in their daily lives. and now maybe, we don't know -- regulators will decide down the road. we punted that. we said we'll let the regulators decide. for a period of time they're going to be concerned about

Bob Corker

5:58:30 to 5:58:50( Edit History Discussion )

Bob Corker: whether they're able to put up their tractors and barns and other things as collateral against derivatives or not or just be in a more risky position. mr. esident, we've missed the mark. i realize that ironically after a year of work, 2,300 pages, hundreds and hundreds of rules that are getting ready to be generated by regulators, it's my

Bob Corker

5:58:51 to 5:59:11( Edit History Discussion )

Bob Corker: understanding there is already now another bill coming to correct this bill. that's pretty amazing to me, mr. president. i would just like to say that politics ends up overcoming substance, i've seen as bills come to the floor. we had an opportunity which

Bob Corker

5:59:12 to 5:59:32( Edit History Discussion )

Bob Corker: we've missed to try to get this bill right in a bipartisan way, p in spite of the fact that i'm disappointed that i cannot support this legislation strictly on policy grounds, i do want to say that our staff and our office is going to continue to be engaged with others. i know there's going to be a lot

Bob Corker

5:59:33 to 5:59:53( Edit History Discussion )

Bob Corker: of other activity as a result of this bill, some of the unintended consequences, some of the mistakes that have been made and some of the glaring omissions that we didn't deal th. things like it's hard for me to believe that we wouldn't take the time to upgrade our bankruptcy code so that a large entity that fails goes through

Bob Corker

5:59:54 to 6:00:15( Edit History Discussion )

Bob Corker: some of the same thingshat a small entity in minnesota might go through. it's just amazing t me that we didn't do that work. but we still have an opportunity. i know the preed siding officers have changed. i know the preed sing officer is on the judiciary committee. i hope over the course of the next year or two we'll have the

Bob Corker

6:00:16 to 6:00:36( Edit History Discussion )

Bob Corker: opportunity to work on that and try develop something so when a large, highly complex financial intery fails, there's actually a standard they go through when they fail that people understand. and they underand the bankruptcy stack, they understand what their rights are going to be. there's a lot of work left to be done.

Bob Corker

6:00:37 to 6:00:57( Edit History Discussion )

Bob Corker: i'm disappointed on where we are and i cannot support it. i look forward to my colleagues on changes that are going to have to be made, on the unintended consequences that this bill is going to create. and obviously the many, many technical changes that are going to result because of the fact that we rushed our work.

Bob Corker

6:00:58 to 6:01:19( Edit History Discussion )

Bob Corker: mr. president, i'll close with this, this process began mostly about substance. a lot of people put a lot of time in trying to understand substance. i know the presiding officer focused on one particular issue

Bob Corker

6:01:20 to 6:01:40( Edit History Discussion )

Bob Corker: in great deal and tried to offer substance in that regard. i know that politics took over because november's approaching and it would be nice in some people's eyes to have a 06, 6 -- 60 or 61-vote bill. there are some who are said to like obstruction, but nothing could be further from the truth

Bob Corker

6:01:41 to 6:02:01( Edit History Discussion )

Bob Corker: especially on this legislation. i know this bill will have the unintended consequence of hurting tennesseeians, of hurting minnesotans hurting people from oregon and people around the country. there's no question in my mind that with all that we've laid out in these 2,300 pages, there's going to be less credit available.

Bob Corker

6:02:02 to 6:02:05( Edit History Discussion )

Bob Corker: and the credit that is available is going to cost more money.

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